Whale Alert: XRP worth 61.99 million on the move – Could $0.75 be imminent?

XRP Price Reclaims $0.61 Level After Ripple’s $285 Million Buyback Announcement

After Ripple’s announcement last month of a $285 million buyback plan, XRP has managed to bounce back to $0.61, reaching previous levels. This move has sparked interest within the community.

Whale Alert, a prominent blockchain tracker platform, recently disclosed two significant whale transactions involving XRP. These transactions involved a total of 61.99 million XRP worth $36.32 million.

The first transaction saw 21,999,545 XRP, valued at $12,851,609, being transferred from Binance to an unknown wallet. This raised questions within the crypto community about the motive behind this large transfer.

Simultaneously, a massive 40,000,000 XRP, amounting to $23,478,152, flowed into Binance from an unknown wallet. This influx of XRP highlighted significant activity and shifted dynamics in the cryptocurrency market.

Despite these transactions, XRP’s price action indicates a bullish climate for the altcoin. The token’s derivatives data shows a 7.51% rise in open interest and a 59.85% surge in volume, signaling an uptrend.

This positive outlook is further supported by the Parabolic Stop and Reverse (SAR) indicator, which suggests a potential reversal point. Currently priced at $0.59, XRP is below the SAR dots, indicating a direction towards $0.63. However, a breakthrough above this resistance could trigger a substantial price surge.

Investors are now setting their sights on retesting the $0.70 – $0.75 levels in the next rally. If traders respond to these signals and buy more, XRP is expected to reach this target soon.